Jailed agent stole trust money to gamble
- From: AAP
- August 18, 2013
A SYDNEY real estate agent who laundered nearly $1 million of his clients' money to feed his gambling addiction will spend at least one year behind bars.
Former big-time Surry Hills agent Patrick Scott was jailed this week for siphoning $813,936 from his company trust account, NSW Fair Trading says.
The former LJ Hooker director was the sole signatory of the account, and moved the money into a personal account set aside for betting.
On one occasion he bet $77,000 from the Sportingbet account in a single day.
His total losses over two years amounted to $518,788.
Scott confessed to NSW Fair Trading investigators in November 2011, telling them he had a gambling problem, before handing over his real estate licence.
He was sentenced in Parramatta Local Court on Wednesday to 16 months' jail, with a non-parole period of one year.
Fair Trading commissioner Rod Stowe said the sentence was fair, given the amount of money involved.
"Consumers have the right to have their investments being held in trust by agents kept safe," Mr Stowe said.
"Mr Scott abused this position of trust, by dipping into trust accounts containing hundreds of thousands of dollars belonging to his clients."
Scott's sentencing was part of a wider crackdown on real estate agents.
A Fair Trading spokeswoman told AAP it was investigating 29 other cases.
A trust account is used to hold money on behalf of a client until the funds are needed to complete a sale.
http://www.heraldsun.com.au/news/breaking-news/jailed-agent-stole-trust-money-to-gamble/story-fni0xqi4-1226699398903
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